Via Bloomie:
India may levy Goods and Services Tax on cryptocurrency trading, according to people with direct knowledge of the matter, even as there’s lack of clarity about their legal status in the country.
The government may levy an 18 percent GST, the people said requesting anonymity as they weren’t authorised to speak to the media. The proposal, being considered by Central Board of Indirect Taxes and Customs, will be tabled before the GST Council after it’s finalised, they said.
Cryptocurrencies could be classified as intangible goods on a par with software, they said, adding that its use in illegal activities would have to be dealt with under other laws.
If it is taxed then it really just the rupee.
Meanwhile in China:
Prosecutors in China have charged four suspects said to be involved with operating an alleged $2 billion cryptocurrency pyramid scheme.
According to a news release issued by the Supreme People’s Procuratorate issued Wednesday, a local prosecutor’s office in Hunan province has charged the four individuals as part of a wider crackdown on “Weika Coin” – the Chinese name for OneCoin, a purported crypto investment scheme that has seen global law enforcement agencies launch investigations and issue warningsand fines.
The report indicates that the legal process launched in September 2017 and has been conducted in three phases that have seen 98 people prosecuted for allegedly deceiving investors across over 20 provinces in China. A number of those have already been sentenced with up to four years in prison and/or fines ranging from 10,000-5 million yuan ($1,565-$783,000).
Hoocoodanode? The chart still looks pretty ugly to me:
